Northwestern Mutual Wealth Management Co. Sells 7,829 Shares of ConocoPhillips (NYSE:COP)

Northwestern Mutual Wealth Management Co. reduced its position in shares of ConocoPhillips (NYSE:COP) by 1.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 442,351 shares of the energy producer’s stock after selling 7,829 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in ConocoPhillips were worth $50,596,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. bought a new stake in ConocoPhillips during the 4th quarter valued at $13,468,000. Harbor Investment Advisory LLC raised its holdings in ConocoPhillips by 2.2% in the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock worth $1,234,000 after purchasing an additional 212 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in ConocoPhillips by 5.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock worth $3,320,000 after purchasing an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in ConocoPhillips in the 2nd quarter worth $30,021,000. Finally, EP Wealth Advisors LLC raised its holdings in ConocoPhillips by 19.1% in the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after purchasing an additional 4,578 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $104.72 on Monday. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The company’s 50-day moving average is $108.85 and its 200 day moving average is $116.31. The company has a market capitalization of $122.47 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. The firm had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.84 EPS. Sell-side analysts expect that ConocoPhillips will post 8.14 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s payout ratio is presently 26.27%.

Wall Street Analyst Weigh In

Several research analysts have commented on COP shares. Susquehanna decreased their price objective on shares of ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Wells Fargo & Company decreased their price objective on shares of ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating for the company in a report on Friday. Mizuho decreased their price objective on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Bank of America reaffirmed a “buy” rating and issued a $147.00 target price on shares of ConocoPhillips in a research report on Friday, June 14th. Finally, Sanford C. Bernstein reduced their target price on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.24.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.